iUSD, issued by the Indigo Protocol smart contracts under the governance of INDY tokenholders, is a decentralized synthetic stablecoin that tracks the U.S. dollar (USD) through ADA over-collateralization rather than offchain fiat reserves. [S1][S2]

Holders gain economic exposure to the U.S. dollar (USD) via a synthetic iAsset whose price mirrors the underlying through an onchain price oracle. [S2] iUSD accrues no NAV and pays no coupon. [S2] Holders may supply iUSD to Stability Pools to absorb liquidated debt in exchange for liquidated ADA collateral plus ADA and INDY rewards. [S1] CDP borrowers bear a variable interest rate paid in ADA and a minting fee. [S3]

The protocol is operated by the Indigo Foundation, a Cayman Islands limited liability foundation company serving as the operational arm of the Indigo DAO. [S4] iUSD is a Cardano native asset minted by smart contracts, not a corporate issuer balance sheet, and there is no single corporate entity holding reserves or taking redemption deposits. [S1][S5] The holder's claim is a crypto-collateralized synthetic token, not fiat-backed e-money or a claim on custodied reserves. [S2] Access is permissionless via a Cardano wallet. [S3] Redemption occurs onchain against CDP collateral at oracle price once a position falls below the 185% Redemption Margin Ratio, subject to a 2% redemption fee. [S6]

iUSD is a Cardano native asset issued exclusively on the Cardano blockchain. [S1][S5] Minting requires opening a Collateralized Debt Position, depositing a minimum of 10 ADA, and selecting a collateral ratio, after which the protocol mints iUSD upon transaction validation. [S3] Settlement is onchain, and liquidation, redemption, and interest pricing derive from an onchain price oracle. [S2][S6]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.indigoprotocol.io/readme/about-indigo" },
    { id: "S2", url: "https://docs.indigoprotocol.io/readme/iassets" },
    { id: "S3", url: "https://docs.indigoprotocol.io/readme/collateral-debt-position-cdp" },
    { id: "S4", url: "https://indigoprotocol.io/" },
    { id: "S5", url: "https://docs.indigoprotocol.io/readme/governance-and-indy-staking" },
    { id: "S6", url: "https://docs.indigoprotocol.io/readme/redemptions.md" },
  ]}
/>


Stablecoins

Indigo enables users to mint synthetic assets (iAssets) by depositing ADA as collateral into CDPs, earning stability fees from borrowers.

Indigo Protocol is a decentralized synthetic asset platform on Cardano that allows users to create and trade iAssets — synthetic tokens tracking the price of real-world assets like USD, BTC, and ETH.

Indigo is governed by INDY token holders through decentralized on-chain governance on Cardano.

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Real-world asset (RWA) issuers

Indigo

Indigo Protocol iUSD (iUSD) is a U.S. dollar stablecoin issued by Indigo.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Holders can mint and redeem directly with Indigo in ADA, USDCx, and NIGHT.

iUSD has been issued on Cardano as a Cardano native asset token since November 2022.

Indigo Protocol iUSDiUSD

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